Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1887-08-05

THE GREAT CLOCK up BY THE
UNITED STATES TREASURY DE
PARTNfENT AND INCREASING AT
THE RATE OF OVER TEN MIL
LIONS MONTH.
The situation is startling. If al
lowed to continue every interest
will feel it. Every foot of land will
become of less value, every bushel
of wheat, every bushel of corn,
every pound of cotton will decline
in value. On the other hand, if
the administration goes to work
under the powers given it by exist.
ing laws, and earnestly tries to
frame new laws for the considera.
ton of the incoming Congress, we
shall see such an era of prosperity
as was never before witnessed in
this land.
THE SITUATION.
The fact is that with the excep-
ton of some twenty millions depos-
tied by the Treasury with National
Banks, there is now clicked up"
out of use, and drawing no interest,
in the United States Treasury, the
vast sum of nearly s3lO,OOO,OOO-
three hundred and forty million dol.
hrS).
One hundred millions Of this vast
sum the Treasury is obliged to keep
under the laws as a reserve against
United States notes.
Upwards of another hundred
millions of this vast sum is retain.
ed to redeem the notes Of National
Banks failed or retiring circulation.
There is no law requiring the
Treasury to keep this sum locked
up. 1t is only required to redeem
the notes presented.
1t will be years before these Ma
tional Bank notes will all come in,
and it is more than likely that ; to
8 per cent. will never be presented.
Should this money lie idle all
these years? If 1t must then there
is some defect in the National Bank
ing Law which ought to be cor
rected.
Why Congress should have put
it in the power Of the National
Banks to use the Treasury in this
way is a serious question.
OF the balance of this vast sum
there is retained to meet past due
Bonds, Disbursing Officers drafts,
p. o. Department accounts and
divers appropriations, nearly sew
enty million dollars, Just as if the
Treasury was not receiving from
the people every month upwards ol
twentv.fiye million dollars TO meet
all these things.
For all the above the Treasury
Department may set up valid ex
cUse; but, if so, the next Congress
should see that something is done
to utilize as large a part of this
S27O,OOO,OOO as is consistent and
safe.
Still remaining is $40, 100000 for
which lock up there is no reason OF
law except the ruling or wishes o
the Treasury Department.
1t is well for the people to know
how the Treasury stands.
The following figures are from the
official statement issued by Secre
tary Fairchild, June 30, 1887.
In THE TREASURY.
Gold Coin and Bullion, .S27-, ,lOl, 1862
| Silver-Standard Dollars e.
| Bullion, Trade Dollars, .. 2i9, ,495,19I6
and Fractional Silver .-
United States Notes, ..---. 2-,7e3,196E
National Bank Notes, .---.. ly70l6W
Deposited in Nati'nal Banks 22,Wl ,323
s579,5Gs, $3.50
At same date the Treasury had outstand
ing, ~
Gold Certificates, .-.--...-.S 81 %, ,l3I' y
Silver Certificates, ......... 42,lls,0l7.O
l.. S Notes Certificates, S,HO,OOO.O
s2i2,ll3.4jl.0
Thus leaving, with the ex-
ception of the little part
in the National Banks,
"LOCKED UP" In the Treas
ury...............$ ury 1881, ,i55, ,395.O
With an outstanding debt Of oye